All
Authorized Dealers
In Foreign Exchange,
Dear
Sirs,
REMITTANCE
AGAINST SURRENDER OF FOREIGN CURRENCY NOTES
Attention
of Authorized Dealers is invited to the instructions laid
down in Para
19, Chapter
XVI of the Foreign Exchange Manual (7th Edition,
1992) in terms of which Authorized Dealers can issue foreign
currency, M.Ts, .T.Ts or drafts against surrender of an
equivalent amount of foreign exchange excluding foreign
currency notes to foreign nationals provided the beneficiary
of the remittance is foreign national and in case of draft
it should be marked "A/C Payee only" and transmitted
abroad by the Authorized Dealer. Similarly, in terms of
Para
41, Chapter
XVII of the Foreign Exchange Manual, Authorized Dealers
can issue foreign currency notes and foreign currency T/Cs
to foreign nationals as well as Pakistan nationals not ordinarily
resident in Pakistan without any limit against surrender
of equivalent amount in foreign exchange or against credit
card or by debit to foreign currency accounts.
2.
It has since been decided to relax the aforesaid restrictions
and to permit issue of T.Cs/M.Ts/T.Ts and Drafts against
surrender of equivalent amount in the shape of foreign currency
notes irrespective of fact whether the applicant is a Pakistan
national or a foreign national. The Authorized Dealers can,
therefore, henceforward freely issue the aforesaid instruments
without limit against surrender of equivalent amount of
foreign currency notes. The draft can also be handed over
to the applicant as the condition of Authorized Dealer sending
the draft abroad has also been waived.
3.
As a consequence of the above, following amendments may
be made in the Foreign Exchange Manual (7th Edition,
1992):-
Para
19, Chapter
XVI and Para
41, Chapter
XVII may be replaced by the following:-
"Para
19 – Chapter XVI
Authorized
Dealers may issue T.Cs/ M.Ts or drafts without limit
against surrender of an equivalent amount in foreign
exchange including foreign currency notes by any person
– Pakistan national or foreign national."
"Para
41 – Chapter XVII
Authorized
Dealers may issue foreign currency notes and foreign
currency travelers cheques to foreign and Pakistan
nationals without any limit against surrender of an
equivalent amount in foreign exchange including foreign
currency notes or against credit cards or by debit
to a foreign currency account whether maintained in
Pakistan or abroad."